Libya will seek to increase its oil output quota within the Organization of the Petroleum Exporting Countries (Opec) once it is sure it can produce 1.7 million barrels per day (mbpd), up from about 1.5 million currently, Oil Minister Abdelbari Al Arusi said.
Opec dropped individual allocations in 2011 when it adopted a 30-mbpd output target. But with production rising in Libya and Iraq, the issue of quotas may need to be addressed at some stage. Though individual country quotas are for the moment off the radar, this month’s oil price falls have prompted statements from Venezuela and Iran about a potential extraordinary Opec meeting and the idea of cutting output has been raised, said Simon Wardell, oil analyst at IHS...............................................Full Article: Source